Regulatory Alerts2006-03-27
Added · Updated
Directions for Banking Enterprises while Assisting Customers to Declare Foreign Exchange Receipts and Disbursements or Transactions
Banking enterprises must assist customers in making truthful declarations when settling foreign exchange against the New Taiwan dollar and prevent the use of third-party names for declarations. The regulations establish specific aggregate settlement limits, including a maximum of US$100,000 for single transactions and an exemption from declaration requirements for transactions under NT$500,000. Certain categories, such as loans from overseas subsidiaries, inward remittances of dividends, and settlements by foreign diplomatic institutes, are exempt from counting toward the annual aggregate settlement amount. Banking enterprises are required to verify specific identification numbers for different declarant types and ensure that Declaration Statements are completed completely and accurately without correcting stated amounts.
More like this from CBC
We email you every new CBC publication the day it's published.